China's Slowing Economy Leads to Falling Refining Margins, Rising Crude and Fuel Stockpiles
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Refining margins in China are falling and crude and fuel stockpiles are building as winter approaches. This mirrors the weakening domestic economy.
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China's crude imports rose 7% in October but had dropped 13% in September, showing volatile demand.
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An expected sharp rebound in Chinese air travel has not occurred, suggesting people are reluctant to spend amid economic uncertainty.
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China's oil product exports will plunge 40% in November as refiners have used up export quotas.
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Gasoline inventories are rising and refinery run rates dropping as high stocks and lack of export quota lead to lower processing.